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Investors face an extraordinary series of events over the next few weeks that could change the tone of the global financial markets through year's end.

On Sept. 6, the European Central Bank meets. On Sept. 7, a week before an important Federal Reserve meeting, the government releases August employment data. On Sept. 12, Germany's high court is expected to rule on the legality of the European Stability Mechanism, which the ECB could use as a liquidity mechanism. On Sept. 13, the Federal Open Market Committee concludes a two-day meeting at which the policy-setting panel may set new stimulus plans.

If central bankers don't intervene in the markets, stock prices will likely decline because investors expected something to happen. Mario Draghi, the ECB president, has been vocal on his willingness to save the euro.

Action in the Standard & Poor's 500 index and related exchange-traded funds shows major investors are buying defensive put options, often in great quantities. The cost of portfolio hedging is still relatively inexpensive. The Chicago Board Options Exchange's Volatility Index is around 16. Hedges can still be had without paying a fear premium, which will almost certainly happen if the bankers prove to be all talk and no action.

IF THE CENTRAL BANKERS CONFOUND everyone, and stocks move neither sharply up or down, Apple (AAPL) may shine even brighter. The stock recently traded to a record high of $680.87 on the wings of a patent litigation victory against Samsung Electronics (005930.South Korea), though it was recently around $673, where it continues to captivate investors who think the expected Sept. 12 launch of the iPhone 5 will send shares higher yet again.

Michael Schwartz, Oppenheimer's chief options strategist, is telling clients to consider a 100-point call spread that pays off if the stock hits $800 by January 2014. With the stock trading at $674.52, Schwartz told clients to buy the January $700 call that expires in 2014 and to sell the January $800 call that expires in 2014. The spread cost $35.80 and breaks even if Apple's stock hits $735.80. Should the stock hit $800, the maximum profit is $64.20 at expiration.

A $100 spread seems unusually aggressive. Many stocks cost far less than $100. But Apple's stock is up 67% this year and almost 16% in the past month. The call spread is attractive to investors who already own the stock because they can take profits and still participate in any rally over the next year. If the stock sinks, profits were secured prior to the fall, and risk was reduced, which is the sinew binding all of the pre-central bank trades.